Interesting. Since this play began a couple of years ago, I've been surprised that the short position has remained vitually non-existant. Well the end of January saw the first big bet against us to date. That puts us at around a third of a percent short- maybe the smallest percentage short on the whole TSX, still interesting to see that someone has the nads to take out a bet against us.

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It isn't necessarily a bet against us. It could just be a collar. For those not familiar with options trading, it's explained here:

http://www.optionsxpress.com/educate...

In the absence of options, your alternative is to short some amount of the stock, up to your full position. This protects a position you don't want to give up, but that is making you nervous because of volatility or other factors. If the stock tanks, you have locked in your price. If it goes up on news, you can cover the short with stock you already own, then try to reestablish your position on a pullback. If you can't get back in near the price you shorted at, well...que sera. That's the cost of being able to sleep at night!

Frankly I'm surprised there isn't a bigger short position. With all the institutional ownership, you'd think there would be for the above reasons.

ebear